J.P. Morgan, BOA, Citi, And Wells Spending $1.5 Billion To Battle Cyber Crime

[InfoSec News <alerts () infosecnews org>]

http://www.forbes.com/sites/stevemorgan/2015/12/13/j-p-morgan-boa-citi-and-wells-spending-1-5-billion-to-battle-cyber-crime/

By Steve Morgan
Contributor
Forbes / Tech
Dec 13, 2015

There’s a showdown between the world’s largest corporations, governments, 
and cybersecurity companies who are going up against a global network of 
cyber criminals.

The British insurance company Lloyd’s estimates that cyber attacks cost 
businesses as much as $400 billion a year, which includes direct damage 
plus post-attack disruption to the normal course of business. Some vendor 
and media forecasts put the cybercrime figure as high as $500 billion and 
more.

The banking and financial services sector has been the prime target of 
cyber criminals over the last five years, followed by IT & telecom, 
defense, and the oil and gas sector, according to TechSci Research, an IT 
market intelligence firm. Infosecurity Magazine stated in an article 
earlier this year that financial services firms are hit by security 
incidents a staggering 300 times more frequently than businesses in other 
industries.

Deloitte states that the financial services sector faces the greatest 
economic risk related to cybersecurity. The biggest U.S. banks are 
responding to the cyber crime epidemic with some of the biggest security 
budgets.

[...]

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